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Selling one House |
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If I sell my house and do not buy another house will I have to pay taxes on what we netted? |
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You're thinking of a very old IRS tax break that's long gone. Nowadays it doesn't matter whether you buy a replacement home or not. If you've owned and occupied the house as your principal residence for at least two of the five years before you sell it, you can take up to $250,000 profit free of federal capital gains tax, and that's up to $500,000 for a married couple filing jointly. The new homesellers exclusion doesn't depend on your age, and it's no longer once in a lifetime either. |
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Edith
Originally published on August 31, 2007 |
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